Sequans Communications has sold its remaining 314 Bitcoin, marking the completion of its exit from a Bitcoin treasury strategy. The French semiconductor company, which once held more than 3,200 BTC, announced the sale on Thursday.
The company said the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things and software-defined radio businesses. According to CEO Georges Karam, Sequans used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving the company with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.
Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. The company began reducing its holdings less than six months later, selling 970 BTC in November to redeem half its convertible debt. By May 2026, Sequans said it was no longer pursuing the treasury strategy and would monetize its remaining Bitcoin over time.
Broader Trend of Treasury Exits
A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026. According to Matthew Sigel, head of digital assets research at VanEck, at least nine companies had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026, alongside several others that had reduced their holdings.
UK-listed Satsuma Technology underwent one of the more significant reversals. In July 2025, the company raised 100 million British pounds through convertible loan notes to expand its Bitcoin treasury. A year later, shareholders voted to return substantially all of the company's capital and cancel its listing, leading to the closure of trading activities and the sale of its entire 669 BTC position.
Other companies to fully liquidate their Bitcoin holdings in 2026 include Bitdeer, Genius Group, and Prenetics. MARA Holdings and Empery Digital have also made substantial sales without abandoning their treasury strategies altogether.
The companies cited by VanEck's Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns, and shifts in business strategy.
